I think competition — actual competition, not "5 megacorps own everything" competition — can be useful in some cases, but keep in mind that competition does not necessarily incentivize good products. With food, for example, competition incentivizes addictive, unhealthy shit. With social media, same thing. With labor, it incentivizes exploitation, because whichever company squeezes the most work out of people for the lowest pay outcompetes everyone else. You can ameliorate these shitty incentive structures by putting workers and communities in charge of production, rather than owners and shareholders who want to maximize profit at the expense of any other metric.